Man Jit Singh has been hired by
Singh, whose appointment as president of Sony Pictures Home Entertainment was effective Monday, previously served as chief executive of Multi Screen Media Pvt. Ltd., the operating company that manages Sony Pictures Television's TV networks in India.
The move is the latest executive change at the film and television studio after a poor stretch at the box office last year that included high-profile flops
Bishop had led Sony Pictures' home entertainment division since 2006, steering the group through a rough stretch as consumers' viewing habits changed radically with the rise of video-on-demand services.
The studio, owned by Japanese electronics giant
Singh had overseen Sony Pictures Television's networks business in India since 2009. He was previously chairman of the board of directors of Multi Screen Media.
"As the ways in which consumers experience our content continue to change and multiply, our organization and its strategy for delivering content must evolve to meet the demands of the market," Singh said in a statement.
Last year was a tough one for Sony Pictures, which is headed by Chairman Michael Lynton and Co-Chairman Amy Pascal. In addition to the disappointing performance of some of its films, Sony Pictures was hammered throughout 2013 by activist shareholder Daniel Loeb, whose hedge fund Third Point owns about 7% of Sony.
In his call for Sony to make an initial public offering of as much as 20% of its entertainment arm, Loeb criticized the division — which includes the studio, Sony/ATV Music Publishing and Sony Music Entertainment — for being "poorly managed."
Sony rejected Loeb's proposal in August but said at an investors conference in November that it was implementing $250 million in budget cuts. The company also hired consulting firm Bain & Co. to identify at least $100 million more that could be saved.
The studio posted an operating loss of $181 million for its fiscal second quarter, which ended Sept. 30.
Sony Pictures said in a statement that Singh would "continue the studio's focus on reducing overhead costs."
"Man Jit is a savvy global executive with a long track record of success at Sony Pictures, having built our Indian TV channels into high-performance, high-margin businesses," said Lynton, who also heads Sony's entertainment arm. "I am confident in his vision for Sony Pictures Home Entertainment and his ability to provide strong leadership for the division as the marketplace continues to evolve."
Sony Pictures — which includes Columbia Pictures, TriStar Pictures, Sony Pictures Classics and other entities — has shaken up its executive ranks in recent months. In September, the company fired Marc Weinstock, then its head of domestic and international marketing. Steve Elzer, senior vice president of media relations, was let go in December.
The studio also has brought on two key executives. In August, Sony partnered with former Fox Filmed Entertainment Co-Chairman Tom Rothman to restart its TriStar Productions banner. And in December, the studio named